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Contributions caps and taxation of contributions

No-TFN contributions tax

Section: 5.12

Where a TFN is not attached to an individual's account, any contributions that are included in the assessable income of the fund (generally concessional contributions) are subject to 32% no-TFN contributions tax. This tax is on top of the 15% contribution tax that would also be applicable to assessable contributions.

Member concessional contributions (i.e. personal deductible contributions) must be refunded if no TFN is provided.

Contributions of less than $1,000 in an income year to an account that existed prior to 1 July 2007 are not subject to no-TFN contributions tax.

No-TFN contributions tax is payable by the super fund, in addition to any other tax paid on the contribution.

Where a TFN is subsequently provided within a four-year period (including the financial year the contribution was made), a super fund or RSA provider is entitled to claim a tax offset for the amount of tax paid on the no-TFN contributions income in the most recent three income years before the current year.

Last modified: Tuesday, July 23, 2019